Quicken & Other Budget/Accounting Software/Bank
Today, our company open a new bank account (Bank A) with deposit of $5,000
How do i enter this into the system as receive money?
What to debit and credit?
Please note that, i can't allocate the amount in equity - shareholder capital etc... as the amount in the equity is already up to date.
You need to find out which bank account the $5000 came from.
Debit the bank account the $ was deposited to.
Wherever it came from will tell you what account to credit.
If the money came from another bank account the company owns, then
credit that account.
If the money came from a customer payment, then you will need to apply that
payment to accounts receivable.
If the money came from personal funds of the owner, you will need to post
that to an equity account, as the owners put in additional capital.
Hope this helps,
Linda Saltz, CPA
Advanced Certified QuickBooks Advisor
We sell and support QuickBooks Enterprise